Ecommerce platform Poshmark sets terms for USD 244 mln IPO

Thursday 7 January 2021 13:26 CET | News

Fashion ecommerce website Poshmark has announced terms for a USD 244 million initial public offering (IPO).

According to Renaissance Capital, the company plans to raise USD 244 million by offering 6.6 million shares at a price range of USD 35 to USD 39. At the midpoint of the proposed range, Poshmark would command a fully diluted market value of USD 3.1 billion.

The company operates a social marketplace that combines the human connection of a physical shopping experience with the scale, reach, ease, and selection benefits of ecommerce. Besides, its proprietary ecommerce technology offers  secure transaction capabilities in a highly distributed network across millions of buyers and sellers, without having to touch or own physical inventory. 

Poshmark was founded in 2011 and booked USD 247 million in sales for the 12 months ended September 30, 2020. The company plans to list on the Nasdaq under the symbol POSH. Morgan Stanley, Goldman Sachs, Barclays, Stifel, William Blair, Raymond James, Cowen, and JMP Securities are the joint bookrunners on the deal, which is expected to price during the week of January 11, 2021.

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Keywords: Poshmark, IPO, initial public offering, fashion ecommerce, ecommerce, online shopping experience
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce